Bill > HB945

This bill would limit the annual increase in the appraised value of real property for ad valorem (property) tax purposes to the lesser of the property's market value from the most recent tax year or a 10% increase over the prior year's appraised value, plus the value of any new improvements. The bill would apply this limitation to all real property, not just residence homesteads. The bill would also make changes to how the appraised value is calculated and when the limitation expires, such as upon the transfer of ownership. The bill would take effect on January 1, 2020, but only if voters approve a related constitutional amendment.